There was a record post war recession following the Reagan years that resulted in Clinton being elected.

Let me make something clear: I don't believe tax cuts are the reason we are in a recession. Their long term effect on the budget COULD be a factor in the recession deepening. In fact it probably is a factor although not to the degree Daschle states. If markets fear government borrowing is on the horizen again and it will crowd out private credit lines then the long term rates will remain high regardless of how many short term rate cuts the Fed may try. My opinion, Daschle is playing politics (not necessarily smart politics) and is reaching in his conclusions, but his comments are not without any basis in economics. Matt makes a very valid point however that once the economy starts rolling again it's likely renewed deficit worries will disapear.